Blog

Download My Mortgage Toolbox!

Barrie and area real estate sales perk up in June 2018.

The Canadian Real Estate Association released its statistics for the month of June. All statistics are of interest but one has to take into account the inflated nature of 2016 and 2017 which artificially inflated numbers, only to create large gaps in sales levels, which can be defined as a moderate change back to normal levels.

Fueled by new mortgage rules and interest rate increases, it is hoped that we are returning to a more normal real estate market.

Residential property sales in the City of Barrie and District perked up in June 2018 to sell 478 unit in June of 2018 which was an increase of 15.2% over June of 2017 but was still below the 5 and 10 year averages for the same month.

Year to date, there were 2178 units sold over the first six months of the year, down 28.5% for the same period in 2017.

Within the city of Barrie, there were 252 in residential sales in June 2018, up 25.4% on a year over year basis. In surrounding areas there was an increase of 5.6% in year over year sales tottaling 226 units sold.

“Sales activity perked up noticeably from May to June,” said Geoff Halford, 2018 BDAR President. “That improvement, combined with the falling sales trend at this time last year, resulted in a double-digit year-over-year increase in the June 2018 sales figure. That said, we’ve still got a long way to go before activity is anywhere near the record sales activity of early last spring.”

Average prices –

$479,553 – City of Barrie (decrease of 6.8% compared to the first 6 months of 2017.

$525,578 – Surrounding areas (decrease of 9.1% from the first 6 months of 2017)

Listings were up by 15.9% on a year over year basis with 1,095 new listings by the end of June 2018 and was a record for the month.

Active listings by the end of June was 1.766 units which was a big increase for 41.5% from June 2017 and being a more healthy levels.

Sales of all property types in the Barrie region numbered 504 units in June 2018, an increase of 17.5% from June 2017. The total value of all properties sold was $258.5 million, rising 18.9% from June 2017.